Royal London Asset Management (RLAM) has sold Hurlingham Retail Park to a joint venture between property developer Rockwell and alternative investment firm Cerberus Capital Management. CBRE acted as the selling agent in the transaction.

The 3.2-acre waterfront site at 362-364 Wandsworth Bridge Road is part of the South Fulham regeneration area and has mixed-use planning consent. The development will include 269 residential apartments and 31,242 sq. ft of commercial space for food, beverage, leisure, and retail tenants.

Donal Mulryan, Founder of Rockwell commented: “The site offers an outstanding opportunity to deliver a landmark mixed-use development immediately adjacent to the River Thames. We’re delighted to have partnered with Cerberus to acquire one of the only remaining waterfront development opportunities in this area and look forward to providing a best-in-class mixed-use residential development for the local community and new residents. This is the second high profile site we’ve secured along The Thames in the past year and demonstrates our commitment to London. We look forward to starting on site later this year.”

Daniel Dejanovic, Head of European Real Estate for Cerberus, said: “This is a rare opportunity to bring a high-quality, mixed-use property to a vibrant area in London. We’re excited to partner with Rockwell on this project and develop a premier property for residents and the local community to enjoy.”

Drew Watkins, RLAM Portfolio Fund Manager, added: “The sale of this development is an excellent result for Royal London’s UK Real Estate fund. It represents the culmination of years of active asset management and demonstrates our willingness as a property asset manager to trade, rather than recycle, when the right opportunity arises.

“The sale follows a long period of creative and challenging work to obtain planning permission for this prime riverside development. This project is aligned to our active management strategy and the capital will be redeployed in ongoing development opportunities elsewhere in London.”

David Barnett, CEO & Co-founder of Londonewcastle (Development Managers), commented: “This is a truly exceptional riverside development opportunity in London and one that we are incredibly proud of. From the outset of our involvement, we have sought to assemble a best-in-class delivery team that has helped us to bring forward a scheme of architectural and local significance comprising residential homes centred around a stunning podium garden and a new public river walkway supported by exceptional riverside retail. The planning permission that we secured on behalf of Royal London is unique within the London market and will deliver a bespoke, residential-led development with private and affordable housing of the highest quality. We look forward to seeing it come to life in the built environment under the stewardship of Rockwell, establishing what will undoubtedly be a thriving addition to the neighbourhood and a sought-after development.”

Adam Cradick, Executive Director, Residential Land, CBRE, said: “We received significant interest from both UK and overseas parties for Hurlingham and we are delighted with the outcome for our longstanding client, Royal London. It is one of the last remaining riverside regeneration sites in a prime London location, further adding to its appeal and we look forward to seeing the completed project in the coming years.